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Can RBI's new guidelines regulate the use of AI, without slowing down innovation?
Banks and fintechs use Artificial Intelligence to detect fraud in credit scoring, but with new opportunities come new risks, including that of bias and accountability.
The Reserve Bank of India recently released a report called Framework for Responsible and Ethical Enablement of AI (FREE-AI) to regulate the use of AI in the financial sector. The report has seven 'sutras' or guidelines and 26 recommendations to encourage innovation in this space. The report has seven 'sutras' or guidelines and 26 recommendations to encourage innovation in this space.
Guest: Prof. Prasanna Tantri, Associate…
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